Prepared Highlights
- Q4 2025 revenue $391.6M, +15.4% YoY, flat vs Q3; full-year revenue $1.5B, +13% YoY (prepared)
- Q4 GAAP gross margin 31.1% vs 32.7% YoY and 30.7% QoQ; full-year GAAP gross margin 31.3% vs 33.2% in 2024 (CFO)
- Q4 GAAP operating expenses $108.7M (27.8% of revenue); non-GAAP $104M (26.6% of revenue) (CFO)
- Q4 GAAP net income $10.2M ($0.22/diluted share); non-GAAP adjusted net income $15.7M ($0.34/diluted share) (CFO)
- Full-year GAAP net income $66.1M ($1.43/diluted share); non-GAAP adjusted net income $56.7M ($1.22/diluted share) (CFO)
- Q4 EBITDA $41.9M (10.7% of revenue); full-year EBITDA $199.2M (13.4% of revenue) (CFO)
- Q4 operating cash flow $38.1M; free cash flow $12.4M (CapEx $25.7M); full-year operating cash flow $215.5M, free cash flow $137.2M (CapEx $78.4M) (CFO)
- Free cash flow per share $2.95 in 2025 vs $1.00 in 2024 (CFO)
- Q4 inventory days 161 (finished goods 59); total inventory $471.5M (CFO)
- Q4 end-market revenue mix: computing 28%, industrial 22%, automotive 20%, consumer 17%, communication 13% (IR)
- Automotive revenue +6% QoQ and +24% YoY; full-year automotive +20%, industrial +13%, computing +25% (CEO, IR)
- Channel inventory within normal range of 11–14 weeks; POS increased sequentially led by North America and Europe (IR)
- Introduced 650+ new part numbers in 2025, ~40% for automotive; automotive content per vehicle 239 (from 213 end-2024); AI server content 103 (from 90) (IR)
Official guidance (Q1 2026):
- Revenue ~$395M ±3% (midpoint +19% YoY, slight sequential increase) (CFO)
- GAAP gross margin 31.5% ±1% (CFO)
- Non-GAAP operating expenses ~26.5% ±1% (CFO)
- Net interest income ~$1M; tax rate 18.5% ±3%; diluted shares ~46.4M (CFO)
3-year interim financial targets (CEO):
- $2B annual revenue, ~$700M gross profit (35%+ gross margin), 10.5% revenue CAGR, 15% gross profit CAGR
- Over $4 non-GAAP EPS (50% CAGR over 3 years)
Management quotes:
- "We ended 2025 with fourth quarter revenue growing 15% year-over-year and 13% for the full year, which is the highest level of annual growth since 2021." (CEO)
- "Our next billion-dollar goal is to reach $2.5 billion in revenue and $1 billion in gross profit or 40% in gross margin." (CEO)
- "We are expecting to deliver over $4 in non-GAAP EPS, which equals to a 50% CAGR over that 3-year period." (CEO)
- "Our free cash flow per share increased threefold to $2.95 per share in 2025 from $1 per share in 2024." (CFO)
- "We have started to see solid bookings with longer visibility on the orders." (IR)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Q4 2025 Revenue | $391.6M | CFO |
| Full-year 2025 Revenue | $1.5B | CFO |
| Q4 GAAP Gross Margin | 31.1% | CFO |
| Full-year GAAP Gross Margin | 31.3% | CFO |
| Q4 Non-GAAP EPS | $0.34 | CFO |
| Full-year Non-GAAP EPS | $1.22 | CFO |
| Q4 EBITDA Margin | 10.7% | CFO |
| Full-year EBITDA Margin | 13.4% | CFO |
| Q4 Free Cash Flow | $12.4M | CFO |
| Full-year Free Cash Flow | $137.2M | CFO |
| Q4 Inventory Days | 161 | CFO |
| Q1 2026 Revenue Guidance (midpoint) | ~$395M | CFO |
| Q1 2026 GAAP Gross Margin Guidance | 31.5% ±1% | CFO |
| 3-Year Revenue Target | $2B | CEO |
| 3-Year Gross Profit Target | ~$700M (35%+ margin) | CEO |
| 3-Year Non-GAAP EPS Target | Over $4 | CEO |
Q&A Batch (1-3 of 3)
Q1 — David Williams
- Topic: 长期目标的实现路径与毛利率改善驱动因素
- Key points:
- 公司承诺实现10亿美元毛利润长期目标，中间里程碑为20亿美元营收（CAGR 10.5%），对应约7亿美元毛利润（CAGR 15%），35%+毛利率可带来每股收益4美元（CAGR 50%）。
- 增量营收的毛利率穿透率超过45%，主要来自产能利用率提升（降低闲置成本）、产品组合优化及制造效率改善。
- 2026年毛利率改善前景"非常乐观"，Q1指引显示同比增速19%，可用季节性推算全年。
- Mgmt stance: 看涨，管理层明确表达对增长轨迹和成本结构优化的信心，并给出具体数值目标。
Q2 — William Stein
- Topic: 三年目标时间表、毛利率提升驱动因素及制造服务协议到期影响
- Key points:
- 20亿美元营收目标为3年计划（即2028年），已向董事会和华尔街承诺。
- 毛利率从当前水平向目标提升的主要驱动力是闲置成本下降，但非唯一因素；产品组合改善及聚焦汽车、工业、AI服务器等高毛利细分市场同样重要。
- 制造服务协议（MSA）于今年到期，公司正将产品/工艺转移至自有晶圆厂（GFAB和SPFAB），已有关键客户采用，预计从明年开始贡献毛利率提升。
- Mgmt stance: 看涨，管理层对产能转移进展表示"非常乐观"，并确认闲置成本下降将显著支撑毛利率目标。
Q3 — Emily Yang（应David Williams提问）
- Topic: 供应中断时的策略及春节季节性影响
- Key points:
- 供应中断或市场战略变化对Diodes有利，公司借此深化客户关系、拓展产品组合并提升品牌地位，而非追逐大宗商品业务。
- 春节季节性停工已纳入Q1指引；当前积压订单和订单出货比强劲，因此Q1指引表现强劲，反映市场复苏迹象。
- Mgmt stance: 看涨，管理层强调利用市场变化巩固长期合作关系，并指出订单数据支撑的强劲开局。